Bank Of Tokyo-Mitsubishi To Raise USD500mn Through Sukuk


News: Bank of Tokyo-Mitsubishi UFJ will raise USD500mn through a multi-currency sukuk programme, under the shari'a principle of wakalah bi al-istithmar. The bank has appointed CIMB Investment Bank Bhd and Mitsubishi UFJ Securities International as the joint lead arrangers and joint lead managers for the programme. 'The bank was considering the yen as one of the currencies of choice, and if so, it would set a precedent of being the first yen-denominated sukuk issuance in the global market,' said President and CEO Naoki Nishida (Bernama). Nishida stated that the sukuk issuance will provide alternative funding sources for the bank to manage its liquidity to match increasing and growing experience in multi-currency shari'a-compliant financing.

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Geography: Japan